VANCOUVER, July 18, 2014 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R)
AGZ prospect - Rock chip samples from this gold-enriched zone outline an
800 by 500 m area hosting multiple vuggy silica structures with up to
50.3 g/t Au and 56.9 g/t Ag.
ASZ prospect - Rock chip samples from this silver-enriched zone outline
700 m long trend with hydrothermal breccia and silicified tuffs
returning new silver results up to 215.0 g/t Ag and anomalous gold from
Atlas Pampa prospect - Float and subcrop rock chip samples have outlined
this new gold-silver prospect.
An IP electrical geophysical survey over the central part of the Atlas
alteration system outlined a series of large highly resistive anomalies
spatially associated with gold-silver bearing surface rock chips.
Mirasol closed the southern hemisphere 2013-14 summer exploration season
in early June. At season's end approximately 80% of the +25 sq. km
Atlas alteration system had been systematically reconnaissance sampled
with over 2,479 surface rock chip (Figure 1) and 334 stream sediment samples collected this season (also see news
release of February 26, 2014). These results have expanded the
dimensions and upgraded the potential of the Atlas Gold Zone (AGZ) and
the Atlas Silver Zone (ASZ) prospects as well as defining a large
gold-silver anomaly at the new Pampa prospect.
At the Atlas Gold Zone new assay results from detailed surface
prospecting have outlined a series of northwest-oriented mineralized
trends in float and subcrop (thought to be very near its source
outcrop), extending away from last season's trenches (see news release
of September 16, 2013). Rock chip sampling of the trends has returned
multi-gram gold and silver assays over an 800 by 500 m area, including
best assays of 30.70 g/t Au with 42.3 g/t Ag and 50.30 g/t Au with 5.24
g/t Ag. Higher grades are associated with subcrop of vuggy silica
structures and hydrothermal breccias, typical of high-sulphidation
epithermal systems. Some of these trends correlated to mineralization
exposed in last season's trenches. However the recently identified
higher-grade trends have not yet been trenched, suggesting the
potential for significant new zones of mineralization underlying the
rock chip anomalies and surrounding soil cover.
At the Atlas Silver Zone systematic prospecting and mapping has outlined
a 700 m long zone of anomalous silver-gold mineralization in rock chip
float and subcrop samples, surrounded by widespread soil and alluvium.
This cover may conceal additional mineralization. At the ASZ
high-grade silver assays in the range 112.0 to 639.0 g/t Ag (with
anomalous gold to 0.15 g/t), are associated with silicified tuffs and
high-level upward flaring breccia bodies. The breccia hosts clasts of
mineralization containing silver sulphide minerals, which are
interpreted to be fragments of mineralized rock transported from depth
during hydrothermal eruption that also formed the breccia. Where
exposed in last season's trenches, the ASZ mineralization is associated
with prominent native sulphur and highly anomalous epithermal
pathfinder elements. The funnel- shaped form of the breccia combined
with the element association suggest that the current outcrop level of
the ASZ is near the top of the mineralized interval in a typical
epithermal system, and may suggest potential for more extensive
mineralization at depth.
The new Pampa prospect is less well understood due to limited outcrop,
however assay results from surface rock chip sampling, suggest further
exploration is warranted. Here rock chip float and subcrop samples have
returned anomalous gold and silver assays over an area of approximately
500 by 500 m. To date, assays from this prospect correspond to narrow
(< 30 cm wide) quartz-alunite altered breccias and pervasively altered
tuffs. Assay results fall into two groups. Those with similar amounts
of gold and silver, with assays up to 2.91 g/t Au and 5.70 g/t Ag; and
those where silver is dominant over gold, with highest silver assays in
the range 248.0 to 421.0 g/t and gold up to 0.08 g/t. This may suggest
two distinct sources of mineralization in the area or overprinting
phases of mineralization.
A 5.4 sq. km, 100 to 200 m line-spacing IP electrical geophysical survey
(Figure 2) has been completed over the centre of the alteration system,
identifying a series of resistivity anomalies associated with surface
alteration and rock chip/trench gold-silver assays. These anomalies
have locally returned very high resistivity readings in the range 5,000
to 15,400 Ohm/m and in some cases form part of large, open-ended
resistive zones in excess of 1 km in strike length. In epithermal
systems such as Atlas, resistive anomalies of this nature can map the
distribution of hydrothermal silica accumulations that can be
associated with precious metal mineralization. At Atlas the resistivity
anomalies associated with the AGZ, Pampa prospect and a larger, high
intensity covered resistive anomaly in the northeast of the survey area
are considered by Mirasol to represent priority drill targets.
The previously mentioned resistive anomalies show only weak associated
chargeable anomalies in this survey, suggesting low sulphide content in
these areas, possibly a result of deep supergene oxidation. This is
consistent with the 100 to 150 m depth of oxidation encountered by
Mirasol whilst drilling the adjacent Titan project, and highlights the
potential for oxide-gold mineralization at the Atlas project.
Mirasol is very encouraged by the results received this season from the
Atlas project where exploration has to date has identified anomalous
gold and silver mineralization in multiple centres over a 6.7 sq. km
area, in what is emerging as a large precious metal system with
potential to develop multiple drill targets.
Atlas is a 100% Mirasol-owned, newly discovered gold-silver system in
the prolifically mineralized Miocene-age volcanic arc of northern
Chile. This arc hosts a number of world-class gold and copper mines.
Atlas and the adjacent Titan project are the most advanced projects of
Mirasol's nine 100%-owned properties in its Gorbea Belt portfolio. In
keeping with Mirasol's project generator Joint Venture business model,
the company is actively seeking a strong JV partner to advance the
Gorbea Belt properties to drill testing.
Stephen Nano is the Qualified Person under NI 43-101 who has prepared
and approves the technical content of this news release.
Quality Assurance/Quality Control:
Exploration at the Atlas Project is supervised by Stephen C. Nano, who
is the Qualified Person under NI 43-101 and Timothy Heenan, Exploration
Manager. All technical information for the Company's projects is
obtained and reported under a formal quality assurance and quality
control (QA/QC) program. All drill, rock chip and stream sediment
samples are collected under the supervision of Company geologists in
accordance with standard industry practice. Samples are dispatched via
transport to an ISO 9001:2000-accredited laboratory in Chile for
analysis. All drill, and rock chip samples are submitted to the
Laboratory with independently sourced, accredited standards and blanks
and where appropriate duplicate samples to facilitate monitoring of
laboratory performance. Certified Results are examined by an
independent qualified consultant to ensure laboratory performance meets
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Mirasol Resources Ltd.
For further information:
President and CEO
Tel: (604) 602-9989: Fax:(604) 609-9946